EU Commissioner: Banks May Be Forced to Participate in Setting Euribor

Following the departure of several banks from the Euribor benchmark panel, EU Commissioner Michel Barnier has issued a statement which suggests that the EU may require major banks to help compile Euribor to ensure the integrity of the benchmark. According to Barnier, the Commission intends to present a proposal on benchmarks, in the second quarter of 2013, which is expected to include the power to require mandatory submissions for systematic benchmarks such as Euribor.